New naira notes: Mixed reactions trail CBN countdown to January deadline

Nigerians have set social media ablaze over the Central Bank of Nigeria (CBN) launching a countdown to the January 31 deadline policy.

Recall that the Apex bank had announced the commencement of the new currency to begin circulation from December 15, 2022, after it was launched by President Buhari few months ago.

The lender of last resort emphasised that that the new and existing currencies shall remain legal tender and be circulated together until January 31, 2023, when the existing currencies shall cease to be legal tender in country.

With 24 days to the deadline given to Nigerians to deposit their old notes, the Apex bank has maintained that there will be no extension.

According to the bank, there will be no timeline extension, “so all are advised to ensure they deposit all the N200, N500 and N1,000 Bank notes in their possession before the deadline of January 31, 2023.”

Recall that Red Chamber of the National Assembly had called on the CBN to extend the deadline to phase out the old naira notes till June 30, 2023.

On the field survey by our correspondent, it was discovered that the new notes remain scarce across the Deposit Money Banks as the old notes cease to be a legal tender perhaps as a result of logistics.

Despite suggestions from bank customers and other stakeholders, the CBN has insisted on its countdown to the January 31 deadline when the old notes will cease to be legal tender.

The bank revealed the countdown on its Twitter handle on Friday, noting the deadline now remains 24 days and a few hours.

Reactions

Some Nigerians took to Twitter to share their thoughts, @Axmos said, “Till today I haven’t had any new notes. Quite okay I’ve seen just 1,000 notes with someone. I’m staying in a student area where we expect quick circulation of money. How then do you give 3 weeks countdown?”

Another @wasus posited, “the Naira note can’t be in hurry like this. People in major cities haven’t gotten it not to talk of villages.

@mikeOk said, “The deadline date isn’t feasible.

“We still have lot of the old notes in circulation.”